Fisher, Kenneth L.; Statman, Meir - In: Journal of Financial Research 29 (2006) 3, pp. 293-304
We compare price-to-earnings ratios and dividend yields, which are indirect measures of sentiment, with the bullish sentiment index, which is a direct measure. We find that the sentiment index does better as a market-timing tool than do P/E ratios and dividend yields, but none is very reliable....
